If your money is in a low-interest savings account, then your money isn’t doing much for you. Time to make good on that New Year’s resolution to start investing (finally!).

Here’s why it’s a smart plan to put your money into an RRSP:

An RRSP keeps the government out of your wallet for a long time. Money in RRSPs is tax-deferred. Depending on your income and contribution limit, you can potentially put yourself into a lower tax bracket right now.

Canadian Pension Plan (CPP) and Old Age Security (OAS) won’t be enough to cover you in retirement. Not even close. CPP today only gets you $1,100 a month. OAS is set at $600 a month. Put your money to work now in an RRSP and you’ll have a retirement income that works for you.

Contributing to RRSPs is a healthy investing habit. Let’s say that on your 30th birthday, you put $10,000 into an RRSP. If that RRSP delivered an average 5 percent return, you could have over $55,000 in 35 years.

However, if you put $1,000 into your RRSP every year for 10 years starting at 55, at the same rate of return, you might have a little over $12,000. Not so impressive, huh? RRSPs help you get started earlier.

You can use your RRSP to do more than save for retirement. For instance, you can use the Home Buyers’ Plan to take up to $25,000 out of your RRSP to buy or build a qualifying home

for yourself.

You could also withdraw up to $20,000 from your RRSPs to go back to school, using the Lifelong Learning Program. Your RRSPs give you options to take on some of life’s more expensive commitments.

RRSPs let you invest in what you want.

For a lot of Canadians, RRSPs means mutual funds. That is why so many continue to pour money into investments that carry relatively high fees.

Instead of paying an average 2.2 percent fee on a mutual fund, you might pay just 0.6 percent or less with an ETF, for instance. Actually, a lot of different investments can be used in an RRSP. So, an RRSP is not a one-size-fits-all box to just stow your extra money.

You’ll probably want to chat with a financial adviser before you invest. Explore your options!

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